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Income Tax Keyed to Lind
Sharp v. United States
Facts
Plaintiffs, Hugh Sharp and Bayard Sharp, were equal partners in a partnership. They purchased a Beechcraft airplane at a cost of $45,875. Additional capital expenditures were made on the plane from 1948 to 1953 in the amount of $8,398.50. The airplane was used 73% of the time for personal use and 26% for business purposes. The partnership was allowed depreciation on the basis of only 26% or $14,298. In 1954 the airplane sold for $35,380. Taxpayers claim that no gain was realized on the sale. The government contends that the proceeds from the sale should be allocated according the percentage of business use, and concludes that Plaintiffs realized a gain of $8,800.23 on the sale.
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